Are you an ATO audit target? The ATO has announced it's audit 'hit list' for this financial year: Work-related expenses: motor vehicle expenses for travelling between home and work; overnight travel; and the work-related proportion of use for computers, phones and other electronic devices Rental property expenses: excessive deductions being claimed for holiday homes (deductions should be limited to the amount of income earned, or to the number of days actually rented … [Read more...] about ATO on the warpath
An article in the Sydney Morning Herald recently caught my eye about a man suing the ATO for ruining his life. Bold move, I thought - assuming he probably contributed to the issue by not regularly lodging a return. But as I read on, I grew to really feel for the guy. In 2006 the ATO incorrectly issued Gary Kurzer a bill for $200,000 (the bill was later corrected to $8,554). It took 5 years of legal battles before the ATO finally acknowledged their mistake. In that time, he … [Read more...] about Sticking it to the man!
With the Government determined to balance the budget, the ATO is reviewing the $17.7b uncollected taxes over 2012/13 (60% owed by small businesses). Talk to us to discuss strategies to ensure you have the cash flow available to meet your tax obligations. The Inspector General of Taxation (IGT) has announced a review of the ATO's approach to debt collection. The ATO has stated that more recent increases are a result of economic conditions and its assistance to viable businesses to … [Read more...] about ATO to get tough on outstanding $18b unpaid tax